Procurement

Loyola U Maryland Updates Procurement Processes

Baltimore's Loyola University Maryland has upgraded its primarily manual procurement process with new software.

SciQuest, which provides cloud-based spend management systems for public institutions, will implement its source-to-settle suite of procurement software for the Jesuit Catholic university with more than 6,000 students.

The system's introduction marks the first time the university will have had a centralized system with a single interface to manage its procurement, a process previously managed independently by multiple departments.

"We are confident that having access to so much in-depth procurement activity data on one platform will not only make us more efficient and drive cost savings, but also more strategic about how we use our resources," said Loyola Vice President for Finance and Treasurer Randall Gentzler.

SciQuest's spend management system is a collection of cloud-based business automation programs for managing spending, suppliers, contracts, sourcing, inventory and accounts payable. The source-to-settle suite has four elements.

Spend Director will automate what is typically a manual and labor-intensive procurement process and Accounts Payable Director will provide services designed to have an impact on the university's bottom line.

Total Contract Manager is a new addition to the suite and is designed to help educational institutions manage contracts with vendors, including contract authoring, negotiation, approvals and execution. The tool also offers native integration with a Microsoft Word app for contract authoring, so people who are familiar with Word don't need to learn a new user interface.

Finally, there is the updated Sourcing Director, an on-demand e-sourcing and bid management tool that will allow the university to assign weights to the quality and price of products and services to help them compare options.

About the Author

Michael Hart is a Los Angeles-based freelance writer and the former executive editor of THE Journal.

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